Fitch Affirms J.P. Morgan 2000-C9 Mortgage Pass-Thru Ctfs.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 21, 2001 J.P. Morgan Commercial Mortgage Finance Corp.'s mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size , series 2000-C9, $191.8 million class A-1, $404.7 million class A-2, and interest-only class X certificates are affirmed at `AAA' by Fitch. In addition, $36.6 million class B certificates are affirmed at `AA', $38.7 million class C at `A', $10.2 million class D at `A-', $28.5 million class E at `BBB', $14.3 million class F at `BBB-', $14.3 million class G at `BB+`, and $20.4 million class H at `BB`. The $26.5 million class J, $6.1 million class K, and the $14.3 million class NR certificates are not rated by Fitch. The rating affirmations follow Fitch's annual review of the transaction, which closed in January 2000. The certificates are collateralized by 140 fixed-rate mortgage loans, consisting primarily of multifamily (25% by balance), retail (22%), office (21%), and industrial (18%) properties, with significant concentrations in California (18%), New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (12%), and Illinois. As of the February 2001 distribution date, the pool's aggregate principal balance has been reduced by approximately 1.0%, from $814.4 million at closing to $806.2 million. No loans have paid off since closing and none have realized losses. Three loans, representing 3.4% of the outstanding principal balance, are currently being specially serviced, including two loans (1.1%) that are 90+ days delinquent. The largest loan in special servicing (1.7%) is secured by a $1.5 million skilled nursing facility skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. in Salisbury, Md. The guarantor filed Chapter (Ch.) 11 in June 2000. The property's performance has deteriorated since closing. However the trailing-12-months (TTM TTM Trailing 12 months. Often used with Earnings Per Share. ) 9/00 debt service coverage ratio The debt service coverage ratio (DSCR), or debt service ratio, is the ratio of net operating income to debt payments on a piece of investment real estate. It is a popular benchmark used in the measurement of an income-producing property’s ability to produce (DSCR DSCR See: Debt-service coverage ratio ) remains above 1.00 times (x). The borrower has not filed Ch. 11 so far and the loan remains current. The special servicer will continue to monitor the Ch. 11 bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party of the guarantor. The two delinquent loans in special servicing are secured by a $4.5 million hotel property in Homestead, Fla. and a $4.5 million hotel property in Miami, Fla. The two loans are related but are not cross-collateralized or cross-defaulted. The borrower stopped making the debt service payments during 2000, as the hotels' performance and occupancy had deteriorated significantly since closing. The special servicer has filed a motion to appoint a receiver and has also filed a judicial foreclosure judicial foreclosure n. a judgment by a court in favor of foreclosure of a mortgage or deed of trust, which orders that the real property which secured the debt be sold under foreclosure proceedings to pay the debt. . The new appraisals on the properties have been received, resulting in the collateral value adjustment. ORIX Real Estate Capital Markets, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the master servicer, collected year-to-date 2000 or TTM 2000 property operating statements for 38 loans (33% by pool balance). The 2000 weighted average DSCR (based on annualized/TTM Net Cash Flow figures) for these loans was 1.50x compared to 1.36x (for the same loans) at closing. Fitch reviewed the exception report and found 36 loans with missing assignments and 16 loans with deeds of trust/mortgages not recorded. Various hypothetical stress scenarios were applied to account for delinquent, specially serviced, and other potentially problematic loans. Even under these stress scenarios, subordination levels remain sufficient to affirm the ratings. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion